IRA Contribution and Deduction Limits for 2019 and 2020

An individual retirement arrangement, often known as an individual retirement account and shortened to IRA, can provide you with a tax benefit as you save for retirement.  However, the IRA contribution limits and income limits can change over time. Double-check the IRA limits for 2019 and 2020, and learn how to correct excess contributions if you made a mistake.  Traditional and Roth IRA... Continue reading

Need to Know: Required Minimum Distributions (RMDs)

What Is a Required Minimum Distribution (RMD)? A required minimum distribution (RMD) is a mandatory annual withdrawal that you must take from certain types of tax-advantaged retirement plans. If you don’t take your RMDs in time, you could have to pay a steep 50% tax on the money you should have withdrawn. However, the amount you’re required to withdraw can change each year because it depends on... Continue reading

6 Ways to Recession-Proof Your Retirement

Is it possible to predict a recession? The short answer is: not really. The Great Recession of 2008, for example, famously blindsided many economists worldwide.  So why are recessions so hard to forecast? According to a recent article in Bloomberg Businessweek, “The main reason is that it’s simply a hard job. Information about the economy is incomplete and arrives with a lag. And turns in the... Continue reading
Best Long-Term Budgeting Tools to Plan for Retirement

Best Long-Term Budgeting Tools to Plan for Retirement

Using the right budgeting software not only helps you reach your retirement savings goals, it can also ensure you manage your money well through the three phases of retirement. Continue reading
Personal finance strategies retiring

Personal Finance Strategies: Retiring

Having enough to live on in your golden years isn't an issue of luck, but of careful planning. If you’re looking to put together a retirement plan but don’t know where to start, use these tips to set yourself up for a comfortable, financially stable future.   Continue reading
How many types of retirement plans are there?

Types of Retirement Plans [Infographic]

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Am I Ready to Retire? Financial Management for Your Future

Am I Ready to Retire? Financial Management for Your Future With savings, this could be you. It's never too early to get started on financial management for your future. Great retirements require planning and long-term financial management: you need to build up money and pay down debt so that you can afford to do what you want when you're done working. Even so, "whether you're 24 or 64, you'd be... Continue reading

Healthy Retirement 101: What to Do in Your 30s

By the time you reach your 30s, you’ve probably sown many of your wild oats, leaving your mind more focused on practical considerations like settling down, buying a home and raising a family. You might also want to keep your eye on a plan for retirement. You may have started one in your 20s, but if not, it’s certainly not too late to catch up now. Decide on the Percentage You'll Save Figuring out... Continue reading

When Your Budget Doesn't Cut It: Early Withdrawals from Retirement Savings Plans

Congress created tax laws for retirement savings plans that both encourage savings and punish early withdrawals. The rules extend to many types of accounts, including traditional individual retirement accounts, 401(k) plans and Roth-style arrangements. However, life is sometimes not so tidy, and budgets, no matter how meticulously planned, may be too aggressive, can become obsolete or overwhelmed... Continue reading

Healthy Retirement 101: What to Do in Your 20s

College is a few years behind you, and you’re working and feeling pretty good about your future. It may be difficult to stretch your mind to a time 40-plus years ahead -- a time when you may not feel so eager to go into work every day. The good news is that you don’t have to do a whole lot in your 20s to plan for retirement time. At this point, even a little bit of prudent saving and investing... Continue reading